The average Australian will need a decade to save up a 10 per cent deposit for their first home, according to the Housing Industry Association Affordability report, published on The Courier-Mail.
But in Brisbane – where the median deposit is around $47,000 – it takes just 8.8 years.
That’s still a long time compared to our Hobart counterparts who only need $34,000 to secure a home loan.
The HIA report was based on a household savings rate of 8.5 per cent on after tax earnings.
But with Brisbane experiencing steady capital growth in recent years, the deposit goal posts keep moving. Super savers who can tuck away more will be better placed to keep pace with capital growth and get on to the property ladder sooner.
Check out these tips from Your Mortgage magazine to turbo charge your deposit.
- Shop around for a savings account with a high interest rate and low fees
- Choose a savings account that calculates interest daily and pays it frequently
- Consolidate personal debt into a low interest loan
- Avoid rent by house-sitting
- Ask mum and dad for a financial contribution.
